Question

5. The balance sheet is a snapshot of a company's finances. Which items below are not key line items on a balance sheet? (You may select multiple answers) a. Assets b. Liabilities c. Owner's Equity d. Cash e. Taxes f. Insurance

Answer 1

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Answer:

ABC Co. Balance Sheet As at March 31, 2012 ($ 000's) Assets Liabilities & shareholders' equity 5 55 Cash Accounts receivable Inventory Pre-paid expenses 50 Accounts payable Credit card debt Bank operating credit Accrued expenses Taxes payable Current portion of long-term debt 10 Current asset 120 Current liabilities Bank debt Other long term notes payable Vehicles Equipment Land and buildings Investments Patents/goodwill 15 50 100 5 10 Long-term liabilities 130 Fixed assets 180 Total liabilities 200 Equity from common shares Equity from common shares Retained earnings Total shareholders' equity 100 Total assets 300 Total liabilities and shareholders' equity 300

Above is a sample snapshot of the key items on balance sheet.

We can see that except Insurance all the choices mentioned are availabe in the balance sheet